This blog is meant to display my coins/currency notes/stamps, in an informative manner, which would be useful to users in knowing about the history of the period when these coins/banknotes/stamps were minted/printed and events/persons they honour/depict, both on Indian and foreign coins/banknotes/stamps. The content would be more in the nature of a walk down memory lane through my collection/articles.

Search This Blog

Thursday, 6 October 2011

Did you know series (5): 1000 rupee notes; Classification and valuation by the period when they were printed and their issue numbers .

Did you know
series (5)

Classification and
valuation of 1000 rupee notes by the
period when they were printed

and their issue
numbers

Most of us are familiar with
Indian currency notes of various denominations, and have even spent 1000 rupee
notes while making payments for our expenses. In fact, given the high levels of
inflation battering our home budgets, a 1000 rupee note is being spent by us,
the Indian consumers, like a 100 rupee note was being spent at the beginning of
the 21st century. With most
of the money being earned by us getting used up towards meeting the household
budget.

We
hear stories about some lucky collectors who
are in possession of a packet of
currency notes which was issued in the 1960s or 1970s or in the early
1900s and which have a lot of value today , we just say,lucky guy, his
grandfather must have saved it for him. In fact, a few months ago, there
was a
story that a 1 rupee packet issued under the signature of the then
Finance
Secretary S. Bhoothalingam in 1964 which was worth Rs.30.00 lacs
(approx.) got
lost in transit. It was like losing a two bedroom house in Pune, where I
live!!

Nevertheless, you can
begin your Note collection today and who knows, maybe some day we may read your
name in the papers as someone who made a fortune by selling his/her notes which
were collected 20 or 30 years ago.

To begin with, have you
ever looked at the serial numbers of the 1000 rupee notes (I will be covering
other denomination of Indian currency notes in subsequent blog posts). They
have a story to tell all by themselves, about who issued them, when were they
issued, and whether they are uncirculated and in brand new condition (more
collector value) or are worn out and mutilated with use (soiled – less
collector value) Over a period of time, these notes grow in value, which is why
Currency note collectors pay large premiums to acquire them for their
collection. Interested in finding out more? Then read on:

I am going to start with
the 1000 rupee currency notes issued in the last decade or so (since October 2000)
,and go back to the historical data mainly for reference purposes.

The first 1000 rupee notes
issued in the current Mahatma Gandhi series were issued during the tenure of Dr. Bimal Jalan, (RBI Governor from 22.11.1997
to 05.09.2003) in October 2000. There were two variants found in the
serial numbers “Plain Inset” or “A” Inset in the notes issued during his period
from October 2000 to September 2003 , however, no year was mentioned on the
reverse of these Notes.

If one has an uncirculated
1000 rupee note from this period , for a collector ,the value of each note would be between Rs. 1500/- and Rs. 2000/-
(approx). The price of soiled and circulated notes would decrease
substantially. Therefore, it is important to look out for an uncirculated Note,
for one’s collection, for it to gain substantially in value.

Remember, that with the passage of time, the
value of the older notes increases, particularly if they were signed by earlier
RBI Governors and they are fast getting out of present day circulation or have
already gone out of circulation. You do not find ATMs or Bank Tellers
dispensing uncirculated 1000 rupee notes signed by Dr. Bimal Jalan today, but
if you do come across one such note, you have to decide whether to spend it or
keep it in your collection.

What is a “Plain Inset” or
a “Lettered Inset” will be clear from the pictures of some 1000 rupee notes
which I have in my collection issued under the signatures of Dr. Y.V.Reddy (RBI Governor from
06.09.2003 to 05.09.2008).

The above is a 1000 Rupee
Note issued under Dr. Y.V. Reddy’s signature. If you will look at the serial
number of the Note ‘8CD’ is the Prefix, the serial No. is ‘819675’. There is no
letter of the alphabet mentioned in the background of the serial number. (This
aspect will be made amply clear from the currency note image given below). Hence, this note is said to have been issued
with a “Plain Inset”.

The reverse of the above
note has the year 2007 mentioned on it, indicating the year of issue. “Plain
Inset” currency Notes issued under the signatures of Dr. Reddy were issued in
2003/2004 (where the years are not mentioned on the obverse), 2005, 2006, 2007
and 2008.

Take a look at this Note. The
Prefix of the Note is ‘4AW’, the serial No. is 245096. There is the alphabet
“R” in the background of the serial number. This is a specimen of an “R Inset”.

The above is the back of the above “R Inset” note issued in 2006.

The Front & Back of a Rs.1000 Banknote having an "R" Inset issued under Dr. Y.V.Reddy's signatures during 2007.

These Notes with Dr.
Reddy’s signatures were also issued in 2005 and 2008, with the years of
issue mentioned on the reverse.

The above note is issued
with an “L”inset in 2007. The letter ‘L’ is in the background of the serial
number.

Scan 8

Reverse image of the above
“L” inset note which was issued in 2007. Currency Notes with an ‘L’ Inset were
also issued in 2006 and 2008 under Dr.Reddy’s signatures.

The value of all these
Notes issued under Dr.Reddy’s signatures today would be around 1200/- (for the
later issues) to about Rs.1500/- or Rs. 1600/- for the earlier issues. Check
out these Notes while taking payment at ATMs or Bank Branches. You may still
come across some uncirculated issues.

The most frequently
seen/used 1000 Rupee Notes today are issued under the signatures of Dr.
D.Subbarao, (RBI Governor from 05.09.2008 – present day).

Obverse of a “Plain Inset”
issue in 2009 under the signatures of Dr.D.Subbarao.

Reverse of the above note
issued in 2009. Notice the year “2009’ mentioned below the pictures on the
note.

Reverse of a Plain inset
Note issued in 2010

Plain Inset notes were
also issued in 2008 and 2011 under Dr. Subbarao’s signatures with the year
mentioned on the reverse side.

Obverse of an “R” Inset
Note issued in 2009 under Dr.Subbarao’s signatures.

Reverse of the above “R”
Inset Note showing the year of issue 2009.

Obverse of an “R” Inset
Note issued in 2012 under Dr.Subbarao’s signatures. This Note also exhibits a Rupee symbol.

Reverse of the above “R”
Inset Note showing the year of issue 2012. The Rupee symbol also appears on this face.Banknotes having "R" Insets were also issued during 2010, 2011 & 2013.

Obverse of an “L” Inset
Note issued in 2010.

Reverse of the above note,
showing the year of issue 2010.

Obverse of an “L” Inset
Note issued in 2011.

Reverse of the above Note
showing the year of issue 2011.

“L” Inset 1000 rupee notes
were also issued in 2009, 2012 & 2013.

The value of all the above
Notes in uncirculated condition can range between Rs.1100/- to Rs.1200/- for
the later ones and Rs.1200/- to Rs.1300/- for the earlier ones for collectors.

(Note: The values
mentioned here are indicative and may vary as per a Collector’s requirement and
assessment)

The
above is an image of a Rs.1000/- note issued with the rupee symbol in
2011. Notice that the serial number of the Note is of the "0AA" series,
indicating that this is among the first few Notes issued with the Rupee
symbol in its design. The rupee symbol appears twice before the "1000"
numeral on this face.

An
image of the back of the above Note,again having the rupee symbol in
two places on the top side before the numeral "1000". The "1000" numeral
on the lower left hand side does not have the rupee symbol before it.

Take
a look at this Rs.1000/- note with an "L" Inset. It does not have the
rupee symbol, although it has been issued in 2012, i.e. after the issues
of the Rs.1000/- note in 2011 with the rupee symbol. This indicates,
that both styles of Notes are being printed simultaneously and this Note
would be a Collector's item being one of the last few Notes to be
issued in this style.

The Back of the above Note, showing the year of issue as "2012", but there is no Rupee symbol on the back as well.

Posted on 22.08.13:

A Rs.1000/- Banknote with an "R" Inset issued in 2012.

The Back of the above Banknote showing the year of issue as 2012.

Posted on 28.09.13:

A Rs.1000/- Banknote with a Plain Inset issued in 2013.

The Back of the above Banknote showing the year of issue as 2013.

One
thousand rupee Notes which are not in circulation now:

One thousand rupee notes
were first issued under the signature of B. Rama Rau (RBI Governor from
01.07.1949 to 14.01.1957) on 1st April 1954, with the reverse
showing the Brihadeeswarar temple design (Please see my post “Celebrating
1000 years of Brihadeeswarar temple” at the following Link: http://exclusivecoins.blogspot.in/2011/07/30celebrating-1000-years-of.html). These note issues at various points
during his tenure are valued at between Rs.60,000/- and Rs.1.20 lacs (approx)
for uncirculated notes. Later, these
notes were also issued during the tenures of other RBI Governors, for example, H.V.R
Iyengar (RBI Governor from 01.01.1957 to
28.02.1962) notes valued at about Rs.5.00 lacs , P.C.Bhattacharya (RBI Governor
from 01.03.1962 to 30.06.1967) notes valued at about Rs.1.00 lacs, N.C.
Sengupta (RBI Governor from 19.05.1975 to 19.08.1975) and K.R. Puri (RBI
Governor from 20.08.1975 to 02.05.1977) notes valued at Rs.25,000/- to
Rs.30,000/- All these notes were demonetized in 1975 itself, during the early
part of Mr. Puri’s tenure as RBI Governor).

A
few tips for newbie currency Note collectors of all denominations:

1)Only
some Notes pick up great value, like the 1 rupee packet issued under the
signature of the then Finance Secretary S. Bhoothalingam in 1964 which was
worth Rs.30.00 lacs (approx.) Chances are that other currency notes signed by
him may not appreciate in the same proportion. It all depends on the number of
notes issued in a particular series as well as the availability of such notes
for collectors

2)As
mentioned above, collectors are not only interested in currency notes which
have gone out of circulation, but also, those which are currently in use,
particularly, if they have some special feature say for example a “fancy”
series number eg: 999999.or 123456 or a
collector’s birthdate or wedding date number termed as “memorable dates”etc. Some near misses:

Take a look at these two Banknotes which have come into my possession both issued with "L" insets, one in 2011 & the other in 2013. In both these banknotes a single digit "0" has prevented these banknotes from becoming Fancy number Banknotes.

3)The
name of the RBI Governor and the tenure for which he was in office is very
important, because, if his tenure was short, lesser number of notes would be in
circulation adding to their collector’s value.

4)You
may come across an error note, though quite rarely. These notes are normally
destroyed, but due to omissions at the concerned Currency Printing Press, they
find their way into general circulation. These notes acquire great value for
collectors.

5)Take
a look at the obverse side image of a one-rupee currency Note in my collection
which has come down into my collection from my father-in-law signed by the then
Finance Secretary S.Venkatiramanan, issued in 1985. The value of this note would depend on an
individual collector’s “need to possess” basis, but would be definitely more
than uncirculated notes of the same period and denomination.

6)Sometimes,
a note is misprinted at the Security Printing Press and has to be replaced. The
Printing Press, inserts a “Star” sign in between the prefix and the serial
number of the note. Such notes are picked up by collectors as soon as they are
released for general circulation and one may not come across such a note in
circulation. Nevertheless, these notes acquire much more value than the
denominations that they represent.

7)Complete
and uncirculated packets of currency notes whether stapled or loose, with
original paper bands have great Collector interest. For example, I have a 2
rupee packet signed by RBI Governor S. Venkatiramanan (RBI Governor from
22.12.1990 to 21.12.1992) for which I have been offered Rs.3500/- by a
collector. However the packet is an integral part of my collection.

8)“Mint
fresh” or uncirculated Notes preserved in the same condition have greater value
than soiled/circulated/creased notes.

9) The Reserve Bank of India destroys several
million pieces of soiled currency notes of various denominations every year
(i.e. Rs.1000/-, Rs.500/-, Rs.100/-, Rs.50/-,Rs.20/-, Rs.10/- and upto Rs.5/-
categories). For example, during 2010-11, RBI destroyed an aggregate of 13,852
million pieces of various denominations. This results in adding more value to
the notes in Collectors’ possession with the passage of time.

Posted on 23.01.2014:Reserve
Bank of India has now decided to withdraw all currency notes issued
prior to 2005, without specifically mentioning that these Banknotes will
cease to be legal tender. From April 2014 all Banks will accept and
exchange pre-2005 Banknotes. These Banknotes are easily identified by
the absence of the year of printing on the Back of the Note. RBI
estimates that the maximum number of fake currency Banknotes are from
the period prior to 2005. From 01.07.2014, to exchange more than 10
pieces of Rs.500/- and Rs.1000/- banknotes, non-customers will have to
furnish identity and address proof to the Bank Branch. However, it is
expected that later on RBI will issue a communication advising users the
final date upto which Banknotes prior to 2005 will be accepted by the
Bank. Therefore,
please start examining the year of issue"at the back of the currency
Notes passing through your hands, so as not to face the inconvenience of
going to a Bank Branch for returning the currency issued prior to 2005.While
this is a welcome step, RBI needs to have a policy in place to take the
remaining counterfeit Banknotes issued after 2005,
like changing/revamping the Front and Back designs, adding more
effective security features etc. so as not to put users at risk of
accepting counterfeit currency Banknotes.Posted on 03.03.2014:

The Reserve Bank of India has extended the date for
exchanging the pre-2005 banknotes to January 01, 2015. It has also advised
banks to facilitate the exchange of these notes for full value and without
causing any inconvenience whatsoever to the public.

RBI has
further clarified that the public can continue to freely use these notes for
any transaction and can unhesitatingly receive these notes in payment, as all
such notes continue to remain legal tender till that date. Posted on 30.06.2014:Sumita has just returned from a trip to Leh, Ladakh and Srinagar. While rifling through her purse, I happened to discover this Rs.1000/- Banknote which was dispensed by a State Bank ATM on Main Street Leh. This is my first acquisition of a Rs.1000/- Banknote signed by the present RBI Governor, Raghuram G. Rajan:

The Front of the Banknote signed by Raghuram G.Rajan bearing an "L" Inset issued in 2014.

The Back of the above Banknote issued in 2014. Posted on 21.09.14: Today I have received a Rs. 1000/- Banknote signed by Raghuram G. Rajan, RBI Governor, which has been issued with a Plain Inset in 2014.

The Front of the Banknote signed by Raghuram G.Rajan bearing a "Plain" Inset issued in 2014.

The Back of the above Banknote showing the year of issue as 2014.Posted on 31.12.2014:The Reserve Bank of India (RBI) has extended the deadline for turning in pre-2005 Banknotes to 30.06.2015. These Banknotes would be treated as legal tender upto this period, but RBI would destroy them as and when they come into Bank branches. RBI has sought the general public’s cooperation and urged them to deposit the old design Banknotes in their Bank accounts or exchange them at a bank branch convenient to them. RBI has further mentioned that the Banknotes can be exchanged for their full value till this date. Check out all your Banknotes and deposit all such Banknotes (i.e. without the year of issue printed at the back) at convenient Bank branches before the scheduled date.

Posted on 16.03.2015: Today I got a Rs.1000/- banknote from an ATM withdrawal signed by RBI Governor Raghuram G. Rajan issued during 2014 with an "R" Inset:

The Front of the Banknote signed by Raghuram G.Rajan bearing an "R" Inset issued in 2014.

The Back of the above Banknote showing the year of issue as 2014. Posted on 26.06.2015:

The Reserve Bank of India has extended the date for the public to
exchange their pre-2005 banknotes till December 31, 2015. It had, in
December 2014, set the last date for public to exchange these notes as
June 30, 2015. Soliciting cooperation from members of public in
withdrawing these banknotes from circulation, the Reserve Bank of India
has urged them to deposit the old design notes in their bank accounts or
exchange them at a bank branch convenient to them. The Reserve Bank has
further stated that the notes can be exchanged for their full value. It has
also clarified that all such notes continue to remain legal tender.Posted on 02.10.2015:

On 24.09.2015, Reserve
Bank of India (RBI) has notified that
Banknotes in the Mahatma Gandhi series 2005 are being issued with a new
numbering pattern and special features for the visually challenged persons in
the denominations of Rs.100/-, Rs.500/- and Rs.1000/-.

These new design Banknotes
will contain a new numbering pattern in which the numerals in both the number
panels will ascend in size from left to right, while the first three
alphanumeric characters (prefix) will remain constant in size. Printing of the
numerals in ascending sizes (also called exploding font) is a visible security
feature in the Banknotes so that users can easily distinguish counterfeits from
genuine Banknotes.

Special features have been
included for the visually challenged persons in order to make it easier for
them to identify different denominations of Banknotes:

The
size of the identification mark in Rs.100/- (triangle), Rs.500/-(circle) and
Rs.1000/- (diamond) denominations has been increased by 50 per cent and angular
“bleed lines” – 4 lines in 2 blocks in Rs.100/-, 5 lines in 3 blocks in Rs.500
(2-1-2) and 6 lines in Rs.1000/- (1-2-2-1) denominations have been introduced. (All
these lines will be printed using intaglio printing – which is a state–of–the–art
technology in which the security paper is perforated and printing ink is
incised into the paper). Visually challenged persons will be able to feel these
lines more easily so as to recognise the denomination/value of these Banknotes
and easily distinguish between fake and genuine Banknotes.

I Ilustrations of Rs.500/- and Rs. 1000/- Banknotes with the new designs and explanation.

The design of Banknotes of
these 3 denominations is similar in all respects to the earlier issues of the
Mahatma Gandhi 2005 Series.

RBI has further advised
that all the Banknotes in these denominations issued by RBI earlier will
continue to be legal tender except those printed brior to 2005 which cease to
be legal tender wef 31.12.2015.

In addition to these
security features these Banknotes will have moving images and colour variations
with distinct contrasts visible to the naked eye when tilted at different angles,
while some security features will be invisible to the naked eye and be only
machine readable.

These Banknotes will
strengthen the recently introduced Banknotes on an experimental basis where
Rs.100/- and Rs.500/- Banknotes have been issued for general circulation with
numerals in ascending size from left to right in the number panels but without
the bleed lines.

These
measures are being taken so as to raise the bar for counterfeiters and make it
extremely difficult, if not impossible, to print fake Indian Currency
Banknotes.Dennis has forwarded this communication jointly released by the Ministry
of Consumer Affairs, Food and Public Distribution and Reserve Bank of
India which aims at familiarising the users with the new changes which
are in place in the currency notes of Rs.100/- Rs.500/- and Rs. 1000/-
denominations which we will all beusing in the near future. Already
Banknotes of these designs are being put into circulation and you may
come across them in daily usage.

Posted on 03.10.2015:

Today I acquired a Rs.1000/-
banknote from a vendor, signed by RBI Governor Raghuram G.
Rajan issued during 2015 with a "Plain" Inset:

The Front of the Banknote signed by Raghuram G.Rajan bearing a "Plain" Inset issued in 2015.

The Back of the above Banknote showing the year of issue as 2015.

This Banknote will be among the last few Banknotes to be printed with the old pattern this year, before the new design Banknotes are circulated by RBI.

Posted on 09.11.2015:

The Front of the Banknote signed by Raghuram G.Rajan bearing an "L" Inset issued in 2015.

The Back of the above Banknote showing the year of issue as 2015.

The Front of the Banknote signed by Raghuram G.Rajan bearing an "R" Inset issued in 2015.

The Back of the above Banknote showing the year of issue as 2015. Posted on 23.12.2015:I have yesterday received the undernoted Banknote from
Hirakda (Mr. Hirak Mukherjee) which exhibits the exploding font Serial
numbers, but no Bleed lines:

The above is an image of a Rs.1000/- Banknote , bearing an "L" Inset
and Serial No. 3AU 177330 , in an "Exploding Font" format, but not
exhibiting the six "Bleed lines", which have been introduced in later
Banknotes which are now going to be in circulation. Banknotes like the
one above are a kind of "experimental Banknotes" with "Exploding Fonts"
which have been introduced by RBI in very small quantities and are much
sought after by Banknote Collectors.

The Back of this Banknote is identical to previously issued designs and
exhibits no change and shows the year of issue as "2015".

Posted on 24.11.2015:

I have just now received the undernoted Rs.1000/- Banknote
given
to me by my brother-in-law Hirakda (Mr. Hirak Mukherjee) exhibiting the "six bleed lines" in a 1-2-2-1 format
on both sides of the Front of this Banknote,as well as
the exploding font features. Notice that the Serial Number "0AB 132432" is
in an "exploding font" style. Also, the size of the "diamond"
on the left periphery which is meant as an Assist for the visually challenged
persons, in addition to the “Bleed Lines” has been somewhat made larger.
Get ready to see more of these Banknotes in usage, as they will now replace the
older pattern.

The Back of this Banknote is identical to previously issued designs and
exhibits no change. The year of issue is shown as "2015".Posted on 06.02.2016: Ayesha and Zaheer Hasan have sent me images of the following interesting error Banknote:

The Front of a Rs.1000/- Banknote bearing Serial no. 2HH 913952 having an "L" Inset issued in 2012 during the tenure of RBI Governor D.Subbarao which exhibits normal/regular features on this face.

The Back of the above Banknote however, shows an error Reverse Print of Mahatma Gandhi's portrait as well as the name of the Reserve Bank of India and the Government Guarantee Clause.

Posted on 10.05.2016:The undernoted Banknote images have been sent to me by Zaheer Hasan to illustrate some of the recent issues in 2015 and 2016:

The above is an image of a Rs.1000/- Banknote , bearing an "L" Inset
and Serial No."6AB 461687" in an exploding font format and with 6 Bleed lines on the left and right peripheries, issued in 2015.

The Back of this Banknote is identical to previously issued designs and
exhibits no change. The year of issue is shown as "2015".

The above is an image of a Rs.1000/- Banknote , with a "Plain" Inset
and Serial No."0BA 510310" in an exploding font format and with 6 Bleed
lines on the left and right peripheries, issued in 2016.

The Back of this Banknote is identical to previously issued designs and
exhibits no change. The year of issue is shown as "2016".

Posted
on 09.11.2016:

Fighting
Black Money in India:

After the recently closed Black
Money Voluntary Disclosure Scheme, which closed on end September 2016, the
Government of India has brought in a
major step on 08.11.2016 in its war against corruption, terrorism and black
money.

Before the present Government
took over the reins of Government about two years ago, India ranked around 100
in global rankings of corruption. Presently, it ranks 76th.

Black Money estimated at about
Rs.1.25 lakh crores has been brought back to India according to Indian Prime
Minister Narendra Modi. Nevertheless,
this is not an exemplary position to be in, as such, the Government has taken
some drastic measures:

The Indian Prime Minister
Narendra Modi in a televised address to the nation on 08.11.2016 evening announced
the demonetisation of the presently circulating higher denominations of
currency viz. Rs.500/- and Rs.1000/- with effect from the coming midnight i.e.
midnight of 08.11.2016. He stated that the Banknotes of these denominations
will “just be worthless pieces of
paper”. The Banknotes of all the lower denominations of Rs.100/-, Rs.50/-,
Rs.20/-, Rs.10/-, Rs.5/-, Rs.2/- and Re 1/- and all coins will continue to be
accepted as legal tender. In addition, new Banknotes in the denominations of
Rs.2000/- and Rs.500/- will be introduced.

Also,
there will be no change in any other form of currency exchange i.e. cheques,
Demand Drafts, credit card or debit card payments.

This has been necessitated
as the Government has been fighting the menace of black money and corruption
over the past two years when it was voted to power.

To
facilitate the smooth transition to the new money regime, Banks will be closed
on 09.11.2016.

Presently, Rs.500/- and
Rs.1000/- Banknotes which have been demonetised account for 86.4 % of the total
value of Banknotes which were in circulation as of 31.03.2016.

Some
instances, where the Rs.1000/- and Rs.500/- old Banknotes can still be used:

Existing Rs.500/- and Rs.1000/- Banknotes will be accepted till
11.11.2016 at Government hospitals, pharmacies in Government hospitals (with
prescriptions), Railway counters, Government buses, Airline counters, petrol pumps,
Cooperative stores run by Government, milk booths of State agencies, crematoria
and burial grounds.

The
result of this announcement:

I saw huge crowds of four
wheelers and two wheelers at petrol pumps which stayed open, but several petrol
pumps closed before time.

Two Shopping Malls in the
vicinity of my residence remained open till midnight and saw unprecedented rush
of shoppers, as Banknotes of Rs.1000/- and Rs.500/- denominations remained
legal tender till midnight of 08.11.2016.

Several persons stood
patiently in serpentine queues to withdraw small denomination Rs.100/- Banknotes
to meet their expenses over the next few days, as a result, several ATMs went
out of cash.

What
else?

On 9th and 10th
November 2016, ATMs will not work,
as smaller denomination banknotes will be arranged for by the ATM Management
Groups/Banks.

All
Banks will remain closed on 09.11.2016.

From
10.11.2016 to 31.12.2016, customers can deposit Banknotes of Rs.500/- and
Rs.1000/- in any Bank or Post Office. However, there is a condition
– the depositor will have to show a proof of identity. One can deposit any
amount into one’s own account, but if KYC documents have not been submitted,
the limit is Rs.50,000/-

This
condition will be relaxed somewhat, as after 31.12.2016, one can still deposit
old Banknotes with valid ID proof at specified offices of RBI, to be intimated later till 31.03.2017.

From
10.11.2016, Banks and Post Offices will operate for extended hours to
facilitate the unprecedented rush of deposit of the cash into deposit accounts.The exchange facility is available at all Issue
Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or
at any Head Post Office or Sub-Post Office.

Depositors
can withdraw up to Rs.2,000/- per day per card from ATMs till November 18 and
Rs.4,000/- per day per card after this date.

The ATMs will resume functioning from November 11,
2016 upon their recalibration to dispense bank notes of the denominations of Rs.50/-, Rs.100/- Rs.500/- and Rs.2,000/- Further, so as to ensure customer
convenience, banks are also advised to provide all cash withdrawal transactions
at their ATMs free of cost to their customers till 30 Dec 2016. It has also
been decided that banks may fix a limit of Rs 2000/- per day per card
withdrawal limit at ATMs, for all their customers, till November 18, 2016. For deposits being made at Banks and other establishments, please note, that onewill get upto ₹4000 per person in cash irrespective of the size of tender and
anything over and above that will be receivable by way of credit to bank
account.

Thereafter,
one can withdraw up to Rs.10,000/- per day and Rs.20,000/- per week either through withdrawal slips, cheques or through ATMs from Banks
till 24.11.2016. After this date, the limit will be raised.

Freshly
designed Banknotes of Rs.500/- and Rs.2000/- with chips in them will be
introduced on Thursday, i.e. 10.11.2016.

One can contact the
following RBI & Government helpline numbers for any query – 022-22602201
and 022-22602944 (RBI) and Ministry of Finance: 011-23093230.

Property
prices could drop substantially in the secondary market, as there is an
estimated 60:40 (Legal-to-Black money ratio) in operation as at present.

This step is also aimed at
stamping out the menace of corruption and terror funding, as terrorists from across the border have been using fake currency
notes.

A
word of caution:

One can also deposit the
demonetised currency in someone else’s account with written authorisation and one’s
ID proof.

The
Government/RBI has cautioned citizens against exchanging other person’s
unaccounted cash at Banks/Post Offices. Security cameras will monitor transactions
at branches and the exchange will be recorded.

Introduction
of the new denominations of Rs.2000/- and R.500/-:

Reserve Bank of India has
yet to decide the limit for individuals for possession of Banknotes of higher value i.e. Rs.2000/- and
Rs.500/- which will be put into circulation from 10.11.2016.

The Front of the new Rs.2000/- Banknote which is now going to be in circulation wef 10.11.2016

The Back of the new Rs.2000/- Banknote shows the Mangalyaan which is the Mars Orbiter

The
salient features of the new Rs.2000/- Banknotes are:

The Series will be called
the Mahatma Gandhi (New) Series.

The Banknotes will bear
the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will
start from 2016 which will be printed on the Back of the Banknote.The new denomination has the motif of the "Mangalayan" on the Back, which is India's first venture in inter-planetary space.The base colour of the Banknote is magenta .The Banknote has other designs, geometric patterns aligning with the overall colour scheme, both on the Front and Back.

Other
important features of the Banknote:

On
the Front: See through Register with
denominational numeral 2000

Latent image
with denominational numeral 2000

Denominational numeral
2000 in Devnagri

Portrait of Mahatma Gandhi
at the centre

Micro letters
“RBI” and “2000” on the left side of the Banknote

Windowed security thread
with inscriptions “Bharat” (in Hindi), RBI and 2000 on Banknotes with colour
shift. Colour of the thread changes from green to blue when the Banknote is
tilted

The Front of the new Rs.500/- Banknote which is now going to be in circulation wef 10.11.2016

The Back of the new Rs.500/- Banknote shows the Red Fort in New DelhiThe
salient features of the new Rs.500/- Banknotes are:

The Series will be called
the Mahatma Gandhi (New) Series.

The Banknotes will bear
the signatures of Dr. Urjit R. Patel, RBI Governor.

The year of printing will
start from 2016 which will be printed on the Back of the Banknote.The new Banknote is different from the present series in colour, size, theme, location of security features and design elements.The colour of the Banknote is stone-grey.The Banknote has a pre-dominant new theme - Indian heritage site - Red Fort.

On
the Front: See through Register with
denominational numeral 500

Latent image
with denominational numeral 500

Denominational numeral500 in "Devnagri"

Portrait of Mahatma Gandhi
at the centre

Micro letters
“RBI” and “500” on the left side of the Banknote

Windowed security thread
with inscriptions “Bharat” (in Hindi), RBI and 500 on Banknotes with colour
shift. Colour of the thread changes from green to blue when the Banknote is
tilted

Your currency note has an "A" Inset and "JAV" is the prefix. No years were mentioned at the back of the Notes during Dr. Jalan's tenure. I have mentioned the approx. value of the notes issued in his tenure in the post above, depending on the condition of the Note and Buyer's requirement. For a present day valuation, you could check up on e-bay or similar auction sites.

I am travelling and will be back in January 2013 first week. Will try and address your query on return to Pune. By the way, I hope you are addressing me and not looking for a reply from "Pankaj". Rajeev Prasad

I have read the article about 1 rupee note of 1985 signed by S.Venkatiramanan .I also bear few notes of same time.I am ready to sell those if i will get unique value.Interested can contact undersigned.Umesh Tyagi . Contact No. 9810751182 (Delhi).

Hi Amol,This seems to be a rare printing error. There are two possibilities - this Banknote got printed at the start of the Series through error or after "999999" the next number should be "1000000" but perhaps the "1" got omitted . In any case, your note qualifies as a rare Fancy number Note. You could discover its true value on a site like ebay.

You can send me an image on my email. As I am not buying or selling Banknotes of any denomination, I am not very good at error note valuations, but I will do some research on your Banknote and try & arrive at a fair value assessment.

I have around 2500 old currencies which were used in and before 2nd World War and few Swords which were gifted to my grandpa by many kings. I do have stamps which are bigger and to the size of a A4 sheet. I know it worth around bigger value. I am looking for a buyer who is ready to get it. And also I would like to keep my info private as it the worth crosses over crores.

Thanks for the advise in prompt manner !!!It would be great if you suggest some Auction House peoples or thier contact info. The thing is I am getting offers from US - I dont want to sell our privilege to Foreign.

I do not have any experience of Auction Houses, but in the last exhibition on coins & currency notes which I attended in January this year at Pune, I came across some stalls of auction houses dealing in Ancient Indian and modern coins, including British period. Some of the names which I fished out from the pamphlets in my study room are - Bhargava Auctions (website: www.bhargavaauctions.com ) , oswalauctions (www.oswalauctions.com), Rajgor's auctions (www.Rajgors.com), Kohinoor Auctions (www.kohinoorauctions.com). Perhaps these could be of some help to you.

Hello Silverdragon 017, Thank you for visiting my blog. The best place to find out present day values is to visit ebay or similar sites which will give you an assessment of present day average values for error Banknotes. As I am not buying or selling Banknotes of any denomination, I am not very good at error note valuations, but I can do some research on your Banknote and try & arrive at a fair value assessment, if you send me the Banknote on my email address.

Hello Dr. Seema,Usually, the RBI puts up a Press release on their website giving information regarding the Banknotes and Commemorative coins which are going to be put into circulation and the dates/months of their release.

Helli Hrishi,You could check up on a site like ebay to know about present day assessment of your Banknote, before you consider returning it to a Bank before due date.. Usually, the Banknotes which command a premium are in mint condition, without any bends or folds.

Hello Anonymous,You can exchange it at a Bank till 31st December 2015. No further notification has been received yet from RBI , whether such Banknotes would still be legal tender after that date, so it is best that you exchange it for a recent Rs.1000/- Banknote with your Bankers.

Hi Pal Parthiv,You have two options - till 31.12.2015 (as per latest RBI notification) you could exchange them at any Bank Branch or if they are in Mint condition (without any folds or marks and looking brand new), you could check out sites like ebay etc. for average quotes for similar Banknotes, where you may get a premium from Collectors on your Banknote(s).

Hello Laxminarayan, You could sell them on eBay or to a Dealer at a Currency/Numismatic exhibition or to a dealer having a shop/outlet in your city or even by putting up your particulars/contact numbers in the comments section on this post as well as on any other blogs/websites which have posts on currency notes. Then interested buyers can contact you.

Hello Apoorv,What you have is an "error" Banknote, misprinted at the Currency Printing Press that printed it. Usually, these are of interest to collectors and fetch a higher price than their face value. You could check up on sites like e-Bay to get an idea as to what people are quoting for similar Banknotes.

I have images of bank notes which I can share with you. Pls provide me with mobile number where whatsapp is enabled and will fwd it to you. It shows all the variants of 500 and 1000 that I have and perhaps it covers all variants.-a collector.

Thank you so much for your offer to help. You could send me a few images of missing banknote images front and bsvk on my email address given in the "about me" section. As I have a backlog of several posts, you will have to excuse me if posting the images take some time

It will depend on the condition your Banknote is. eBay is one of the websites where you can make an assessment of how much the value of your Banknote, depending on its condition, is likely to apprecate, then you can take an informed decision. In mint condition, Bimal Jalan Banknotes are likely to appreciate in value.

About Me

I am Rajeev Prasad, a retired State Bank of India officer who had been collecting coins in a shoe box without having a serious interest. Only after quitting my job I got the time to take serious interest in developing my coin collection into a hobby. A pity, because I would have had more opportunity to lay my hands on more 'exclusive coins' while in the Bank. Anyway, as they say,better late than never. If you have any views to share with me regarding this blog , please contact me on my email rajeevprasad1208@gmail.com. I also have a twitter account @prasad_rajeev.
I had an opportunity to participate in a Documentary on the life and times of the 25 paise coin titled “Chal Basi Chavanni” (The four anna/twenty five paise coin passes away), aired by STAR NEWS on 29th and 30th June 2011. The programme helped in making many persons hold back onto their “chavannis”, the little round beauties, instead of returning them to Banks .